Lead Change 1
_____________ is the development of a strategy to meet a person's financial needs over the course of his or her lifetime.
Nature of Financial Planning
The cost of goods and services purchased.
expense
A set amount that must be paid each budget period.
Fixed Expense
A cost that changes both in the amount and time it must be paid.
Variable expense
An amount spent for an item that a person could do without.
Discretionary Expense
________ is a plan for the use of money over time based on goals, expenses, and expected income.
Budget
A personal financial strategy that can help you save money. This is the first thing you should do.
Pay yourself first
This means an abundance of money and other assets.
Wealth
An amount of money that can be easily accessed in case of a job layoff, illness, or unexpected income.
Emergency Fund
Usually refers to an organization that aids those in need, such as the homeless or victims of natural disasters.
Charity
a benefit of making charitable contributions
tax deduction or the fulfillment of social responsibility
Establishing Financial goals, estimating and totaling your income, estimating and totaling you total expenses, analyzing and estimating income and expenses, and, analyzing actual income and expenses are the steps to what?
Creating a budget
To be a change leader, you must
Be able to identify opportunities for change
When leading change it is important to focus on what?
people
Change leaders should emphasize what
Positive Outcomes
What is the first step in the process of leading change?
Show why the change is necessary
Why should you ask others to join you in leading a change because
they might have the skills and talents you need
Why do most change failures occur?
Lack of communication
What should change leaders do after they're done leading change?
Celebrate success
A summary of the amount of money received and the amount paid for goods and services during a specific period.
cash flow statement
In a cash flow statement what is income called, and expenses called?
Cash inflow and outflow
The difference between what is owned and what is owed
net worth
What are two types of assets
current assets and fixed assets
Two types of liabilities
current liabilities and long term liabilities
A paper that can be filed with a court officer or used to uphold an agreement in a court of law.
Legal document